Cache sees particular strength in sportswear, dresses
13 Aug '10
4 min read
In total, operating expenses were $23.5 million, or 41.5% of net sales, as compared to $23.9 million, or 42.1% of net sales, in the second quarter of fiscal 2009. For the first six months of fiscal 2010, total operating expenses were $46.8 million, or 44.5% of net sales, compared to $48.2 million, or 43.9% of net sales, in the first six months of fiscal 2009.
At July 3, 2010, cash and marketable securities totaled $30.9 million compared to $34.8 million in cash and marketable securities at June 27, 2009. Prepaid rent increased $3.1 million at quarter end from the prior year period, due to the payment of July 2010 rents prior to the end of the quarter. In fiscal 2009, July rents were paid after quarter end. Total inventory at cost decreased 9.0% at quarter end from the prior-year period. Working capital decreased by $5.7 million to $40.1 million from $45.7 million at June 27, 2009, primarily due to operating losses.
Store Opening Plans During the second quarter, the Company opened one new store and closed two stores, ending the period with 284 stores in operation. For the remainder of fiscal 2010, the Company plans to open approximately two additional new stores and close approximately two additional stores, ending the year with approximately 284 locations and approximately 570,000 square feet in operation.
Cache is a nationwide, mall-based specialty retailer of sophisticated sportswear and social occasion dresses targeting style-conscious women who have a youthful attitude and are self-confident. We currently operate 284 stores, primarily situated in central locations in high traffic, upscale malls in 43 states, the Virgin Islands and Puerto Rico.